1st Quarter Tax Deadlines for Tennessee Taxpayers

1st Quarter Due Dates: January – March 2017 

January 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of December, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

January 17

Individuals: If you did not pay your 2016 income tax through withholding (or you did not pay enough tax that way), you must make an estimated tax payment for 2016. Use Form 1040-ES (Estimated Tax for Individuals). This is the final installment date for 2016 estimated tax payments. Note that you do not have to make this payment if you file your 2016 return (Form 1040) and pay any tax due by January 31, 2017.

Farmers & Fishermen: Make your 2016 estimated tax payment using Form 1040-ES. You have until April 18 to file your income tax return (Form 1040). If you do not pay your estimated tax by January 17, you must file your 2016 return and pay any tax due by March 1, 2017 to avoid an estimated tax penalty.

January 31

Individuals Who Must Make Estimated Tax Payments: If you did not pay your final installment of estimated tax by January 17, you may choose (but are not required) to file your 2016 tax return (Form 1040) by January 31. Filing your tax return and paying any tax due by January 31 will prevent late payment penalties on the final installment. If you cannot file and pay your tax by January 31, you should file and pay your tax by April 18.

All Businesses: Provide annual information statements to the recipients of certain payments you made in 2016. You can use the appropriate version of Form 1099 or other information return. (Note that Form 1099 can be issued electronically with the consent of the recipient.) Such payments may include: dividends, interest, royalties, compensation for independent contractors, debt cancellation, prizes, and awards.

Payers of Non-Employee Compensation: File Form 1099-MISC for non-employee compensation that you paid in 2016.

Employers: File returns on Form 941 for employer FICA taxes due and employee income and FICA taxes withheld for the last quarter of 2016 and on Form 940 for federal unemployment (FUTA) taxes for 2016. Provide Forms W-2 to employees and file Form W-3 with Social Security Administration to report wages paid and taxes withheld during 2016.     

February 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of January, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

February 15

Individuals: If you claimed an exemption from withholding tax last year on the Form W-4 (Employee’s Withholding Allowance Certificate) that you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

All Businesses: Provide annual information statements to the recipients of certain payments you made in 2016. You can use the appropriate version of Form 1099 or other information return. (Note that Form 1099 can be issued electronically with the consent of the recipient.) This due date only applies to the following types of payments: all payments reported on Form 1099-B (Proceeds from Broker and Barter Exchange Transactions), all payments reported on Form 1099-S (Proceeds from Real Estate Transactions), and substitute payments reported in Box 8 or gross proceeds paid to an attorney reported in Box 14 of Form 1099-MISC (Miscellaneous Income).

February 28

All Businesses: File information returns (e.g., Forms 1099) for certain payments you made in 2016. Note that there are different forms for different types of payments. Use a separate Form 1096 (Annual Summary and Transmittal of U.S. Information Returns) to summarize and transmit the forms for each type of payment. If you file Forms 1097, 1098, 1099, 3921, 3922, or W-2G electronically, your IRS filing deadline will be extended to March 31 (although the deadline for giving the recipient these forms generally remains January 31).

March 1

Farmers & Fishermen: File your 2016 income tax return (Form 1040) and pay any tax due. However, if you paid your 2016 estimated tax by January 17, 2017, you have until April 18 to file your return.

March 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of February, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

March 15

Partnerships: File a 2016 tax return (Form 1065). Provide each partner with a copy of Schedule K-1 (Partner’s Share of Income, Deductions, Credits, etc.) of Form 1065, or a substitute Schedule K-1. To request an automatic 6-month extension of time to file the return and provide Schedules K-1, use Form 7004 to extend your filing deadline to September 15. You can file Form 7004 online.

S Corporations: File a 2016 income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Shareholder’s Share of Income, Deductions, Credits, etc.) of Form 1120S, or a substitute of Schedule K-1. To get an automatic 6-month extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and pay what you estimate you owe on your return. You can file a business extension online.

S Corporation Election: File Form 2553 (Election by a Small Business Corporation) to elect to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2018.

March 31

Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, and W-2G: File these forms with the IRS. This due date applies only if you file these forms electronically. Otherwise, see February 28. (The due date for giving the recipient these forms generally remains January 31.)